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Assume that Canada and Japan each have 1,000 production units available to them. With each unit, Canada is able to produce either 8 bicycles or 2 books, while Japan can produce 3 bicycles or 6 books. When no trade takes place, Canada allocates 700 units to bicycles and 300 to books, and Japan allocates 400 units to bicycles and 600 to books.
Create a table showing total production for the two countries with no trade.
Create a table that assumes total specialization. What is the effect on total production?
What are the two extreme (relative) prices that are possible for trade in this situation and whom does each extreme favor? (Note: You do not need to create a table showing the entire trade scenario. Simply identify the price ratios, their sources, and who benefits from them.)
Suppose that, initially, the Michigan economy is in equilibrium with no unemployment. The supply of workers is ES = -1,000,000 + 200w, and the demand for workers is ED = 16,500,000 – 300w, where w = annual wages, and E = number of employed workers.
What interpretation would you give the exponent for R? Why do you suppose R was included in the equation as a variable?
An increase in the number of varieties of a good regarded as a gain from trade. Can you think of economic disadvantages associated with greater product variety.
Illustrate what is projected credit markets. How do you use this to make business decisions. Also how would investment or returns on excess cash affect a auto business.
Explain terrorist attacks foster instability and may affect productivity over the short and long term.
Construct a PPF for a country that produces food and video games and faces increasing opportunity costs. Show how the PPF changes given the following events.
Defective units that go undetected into final assemblies cost $22 each to replace. An inspection process, which would detect and remove all defectives, can be established to test se units.
The marginal cost to X Co. of supplying an additional tractor to a customer is $300. X Co. sues Mr. Y for breach of contract. How much damages should be awarded to X Co
WSJ's Justin Lahars reports that counties throughout the U.S. have seen employment declines that can be attributed to the importing of inexpensive goods from China.
Legal and ethical issues can arise in any organization. How might these be different? What sort of relationship exists between the two? Provide an example of each from current events. What might the organizations involved have done differently to..
Suppose both Smith and Jones utility functions of U(X,Y) = XY1/2. Smith is endowed with (X, Y) = (9,25) and Jones is endowed with (X, Y) = (25,9). Draw an Edgeworth box with indifference curves through this endowment.
Suppose that two people, Mary and John each live alone in an isolated region. They each have the same resources available, and they grow corn and raise pigs.
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